Practice Management

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Practice Management

To help improve the management and operational efficiency of practices, especially small- and medium-sized accountancy practices (SMPs), this area is intended to help those managing practices to address opportunities and challenges; improve their competitiveness, profitability, and sustainability; enhance their expertise, competence, and efficiency; create an environment conducive to the provision of high-quality services; and showcase global best practices and latest practice management techniques. Read More

 

Is Value Pricing the Way of the Future? We Asked and You Said Yes!

by Andreas Noodt, Member, IFAC SMP Committee | July 25, 2014 |

We asked if you think Value Pricing will be the strategy of the future—results are in! Read More

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Implementing the International Standard on Quality Control 1 (ISQC 1): Challenges, Solutions, and Benefits
by Jason Pang, Manager, Quality Assurance, Institute of Singapore Chartered Accountants, and Christopher Arnold, Technical Manager, SME & SMP Affairs, IFAC | July 21, 2014 |

Key points from 2013 interviews of sole practitioners by the Institute of Singapore Chartered Accountants on their experiences implementing Singapore Standard on Quality Control 1, which is based on ISQC 1. Read More

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Monitoring and Benchmarking Key Performance Indicators: Part One
by Stuart Black, IFAC SMP Committee Member, and Paul Thompson, Director, SME & SMP Affairs | July 21, 2014 | 2

Part One of this two-part series looks at selecting KPIs, while Part Two will look at benchmarking and using the data; Which KPIs does your practice use as benchmarks? Read More

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Is Value Pricing the Way of the Future?
by Andreas Noodt, Member, IFAC SMP Committee | June 9, 2014 |

According to an increasing number of accounting practices providing professional services, billing by the hour does not make economic sense. Rather, it’s better for practices to adopt Value Pricing strategies—both to better align their and their client’s interests and to avoid commoditizing their services. Value Pricing, which sets prices primarily, but not exclusively, on the value to the client rather than on the cost of the service or historical prices, has caught on in certain markets, most notably in the US. Read More

 2 Recommended


Most Useful Apps for Accountants
by Stuart Black, member, IFAC SMP Committee, and Paul Thompson, Director, SMP & SME Affairs, IFAC | May 14, 2014 | 1

In a few short years, smartphone applications have gone from margin to mainstream. Many accountants now regularly use them to make work and life simpler and less costly. Today there are countless apps available to help improve productivity and access to information. These apps help us arrange business travel, network with clients and colleagues, store and share information, and more. There are reckoned to be over a million iOS apps in Apple’s App Store and possibly even more Android apps in Google Play. So we are spoilt for choice—but left wondering which apps to choose. Read More

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